Account Disclosure

Disclosure and Account Agreement
Terms to Establish an Account with MySavingsDirect

Information Applicable to both the
MySavings Account and the MyTerm CERTIFICATE OF
DEPOSIT ACCOUNT (Collectively, the "Account")

Applying for Or opening a new account

To help the government fight funding of terrorism and money
laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that
identifies each person who opens an Account. What this means for
you: When you apply for an Account, we will ask for your name,
address, date of birth, and other information that will allow us to
identify you. In order to establish a MySavings Account, you must be
at least 18 years of age, a U.S. citizen or a Resident Alien with a
valid social security number and have a residential address in the
United States.

In this Disclosure, "you" or "your" refers to the person(s)
subscribing to or using MySavingsDirect, "we", "us" or "our" refers to
MySavingsDirect and any agent, independent contractor, designee, or
assignee MySavingsDirect may, in its sole discretion, involve in the
provision of MySavingsDirect.

Fees

There are no minimum balance fees associated with the Account,
although depending on the type of account, certain penalties for
premature withdrawal may be applicable.

Costs Associated with Ancillary Services

The following costs incurred for ancillary services apply and
will be debited directly from your account:

The Account will be considered inactive if for a number of
years, in accordance with Applicable State Laws and/or Regulations,
any of the following occurs, including, but not limited to:

No deposit is made in the Account; or no withdrawal is made
from the Account; or

We do not receive any document indicating that someone who
is entitled to the funds knows about the Account.

An Account determined to be inactive may be reinstated by the
Bank, provided that the funds have not been escheated in accordance
with Applicable Laws and Regulations.

Joint Accounts at MySavingsDirect

The following information is being furnished to you to inform
you of some of the important rules governing Joint Deposit Accounts.
The rules described below apply to a Joint Account opened at any
bank in New York State, including a Joint Account opened with
MySavingsDirect, except in those cases in which the Account contract
specifies otherwise.

A Joint Account is an Account opened in the name of two
persons, in form payable to either or the survivor of them.
Deposits, and any additions or accruals to the Account, become the
property of each person named on the Account, as joint tenants. The
making of a deposit in such form creates a legal presumption that
the depositors intended to create a joint tenancy and that ownership
of the funds will pass to the survivor. The legal consequences of
depositing funds in a Joint Account include the following:

The Bank may release the entire Account or any portion of
the Account to any one of the joint depositors during the lifetime
of all of them;

The Bank may honor withdrawal requests from any joint
depositor during the lifetime of both of them;

The Bank may be required by service of legal process, such
as a court order or a notice of levy, to pay funds held in the
Joint Account to satisfy a judgment entered against, or other valid
debt incurred by, any joint depositor of the Account;

The Bank may treat the Joint Account as the sole property
of, and may honor withdrawal requests from, the survivor(s) after
the death of any joint depositor(s); and

The Bank shall not be liable to any joint depositor for
continuing to honor withdrawal requests from any joint depositor on
the Account unless the Bank receives prior written notice signed by
a joint depositor not to pay or deliver any joint deposit or
additions or accruals. After receipt by the Bank of such notice not
to pay or deliver the joint depositor in accordance with the terms
of the Joint Account, the Bank may require the prior written
authorization of all the joint depositors for any further payments
or deliveries from the Joint Account.

Beneficiary Accounts at MySavingsDirect

By establishing this account or later amending this account
title to include a beneficiary, you agree to the following:

This account is deemed to be a Totten Trust Account, as the
same is defined under New York Law, i.e., a special form of account
ownership that allows the account balance to pass automatically to
a designated beneficiary immediately upon the account owner's
death. This type of account is often called an "In-Trust-For" or
"Payable-Upon-Death" account. All laws, rules and regulations
applicable to revocable trust accounts and to Totten Trust Accounts
as set forth under the New York Banking Law, New York Estate Powers
and Trusts Law and the By-laws of the Bank, with all present and
future amendments thereto are applicable to this account.

As the owner(s) and named trustee(s) of this account, you
direct that, while you are living, the funds should be paid from
the account only upon your order.

After your death, the Bank is hereby authorized and
directed to pay the entire balance on deposit in the account to
such beneficiary designated herein, so long as said beneficiary
shall survive you. It is your intention that no portion of the
balance on deposit shall be paid to your estate(s) after your
death(s) if a beneficiary shall survive you and such balance on
deposit shall be paid to such beneficiary as shall survive you in
the manner set forth herein. Payment shall only be made upon
compliance with the Bank's usual administration requirements. If
said beneficiary survives you but dies before such payment is made,
the Bank is authorized and directed to pay the share of such
beneficiary to the legal representative of such beneficiary's
estate, or to the spouse or children of the beneficiary if
permitted by law. If the beneficiary, entitled to payment
hereunder, is a minor at the time of your death(s), the Bank is
authorized to (a) withhold payment of such minor's share and to pay
the same when the Bank is presented satisfactory proof that the
minor has reached majority age, which for the purposes of this
designation is defined as twenty-one (21) years of age, (b) pay
such minor's share to a duly appointed guardian of the property of
such minor, or (c) if the funds are equal to or less than $10,000,
pay such funds to the parent or parents of such minor to be held
for his or her use and benefit. The receipt or acquaintance of the
beneficiary, estate representative, legal guardian or parent and
natural guardian to whom payment is made, shall be a valid and
sufficient release and discharge of the said Bank of all liability.

In consideration of the Bank's acceptance of this
beneficiary designation, accountholder agrees to hold the Bank, its
parent corporations, subsidiaries, affiliates, employees, officers,
directors, agents, heirs, executors, administrators, successors and
assigns harmless from all actions, causes of action, suits, debts,
costs or expenses of any nature whatsoever, accounts, bonds, bills,
contracts, controversies, agreements, promises, variances, damages,
judgments, executions, claims and demands whatsoever, in law or
equity, known or unknown, fixed or contingent, which the
accountholder and accountholder's agents, heirs, executors,
administrators, successors and assignees ever had, now have or may
hereafter have for, upon or by reason of any matter, cause or thing
whatsoever with respect to the designation hereunder.

The Bank may refuse to permit withdrawals in cases such as,
but not limited to, the following:

The Bank chooses to exercise its legal rights to require
up to 60 days advance written notice of any intended withdrawal
from this Account and the 60 days have not passed since we
received the required notice from you;

The withdrawal would consist of funds deposited in the
form of a check or other instrument and is not yet available for
withdrawal in accordance with the Bank's Funds Availability
Schedule;

There is a dispute about the Account - unless a court has
ordered the Bank to permit the withdrawal;

A court orders the Bank not to permit the withdrawal;

The withdrawal would consist of funds the Bank has
transferred out of the Account to pay an overdue debt to the Bank;

The withdrawal would consist of funds the Bank has been
ordered to pay or hold for a creditor other than the Bank;

Someone in whose name the Account is opened requests the
Bank not to permit the withdrawal; or

An equipment problem or Act of God, including, but not
limited to, war, strike, act of terrorism which prevents the Bank
from determining the availability of funds.

Account Closure

MySavingsDirect is authorized in its sole discretion to close your
account with or without cause.

General Information

By opening this Account with MySavingsDirect in Ossining, New
York, the customer(s) agree to be subject to the terms of the
Agreement and all other applicable terms and rules and regulations
of the Bank, of the New York State Banking Board, the New York
State Superintendent of Banks and the Federal Deposit Insurance
Corporation and amendments thereto.

The Account relationship established herein shall
be governed by the Law of the State of New York without regard to
the conflicts of law provisions thereof. In establishing an
Account herein, the depositor agrees that the United States courts
sitting in the State of New York shall have jurisdiction over it,
and that the venue of any such action shall be the Southern
district of New York. By opening this Account, the depositor
hereby waives any objection to such jurisdiction and venue.

MySavingsDirect's MySavings Account Agreement

Account Opening

Your MySavings Account ("Account") can be opened by authorizing us
to transfer funds electronically which then will be processed
through an Automated Clearing House ("ACH") entry from a
transaction Account designated by you at an external financial
institution (the "External Account") or by completing an online
application and sending your personal check by mail. A $1.00 or
greater initial deposit is required to establish an Account,
however, thereafter no minimum deposit is required to maintain an
account. Your Account will then be linked to the External Account
that is used to make your initial deposit so you can make future
debits and credits to your Account in accordance with the
provisions herein. The External Account must be a U.S. transaction
account, i.e., a personal checking account at a bank branch
in the United States. We may take additional steps to verify
ownership of the External Account. Such steps may include, but are
not limited to, requesting a voided check, a cancelled check, a
copy of a recent account statement, or confirming a trial deposit
amount. You authorize us to make two small deposits (less than one
dollar) and matching withdrawals from the External Account so that
we may verify ownership of the External Account by asking you to
confirm these amounts. The amount that you designate as your
initial funding will be debited via ACH on the business day
following the acceptance of your application. Your opening deposit
amount will not be available to you for five (5) business days
after you charge the External Account (ten (10) days if funding by
check).

Additional External Funding Accounts

At the present time, no sooner than 60 days after the establishment
of your MySavingsDirect savings account, a second external account can
be added. As with the initial (first) external funding account, the
name on the accounts must be the same as your
MySavings Account. We can only accept your personal checking
accounts as linked accounts. Add the new funding account
information in the Funding section under the Accounts section. Once
completed, mail the voided check with your MySavingsDirect account
number written in the memo portion of the check and a signed Account Verification Authorization Form to
MySavingsDirect, Attn: Account Fulfillment,
13 Croton Avenue, Ossining, NY 10562. The Account Verification
Authorization Form must accompany the voided check in order for us
to process your request. Faxes will not be accepted. Upon receipt
of the voided check and verification authorization form and
successful confirmation of account ownership, two small deposits
will be transmitted to the new linked account. You will need to
verify these amounts as you did for your initial funding account in
order for the new link to be activated.

Interest and Interest Rate Related Information

Rate Information: The current Annual Percentage
Yield ("APY") paid on this Account is available on the MySavingsDirect
website (MySavingsDirect.com) and in additional disclosures that you
will receive from the Bank from time to time. The Bank, at its sole
discretion, may change the APY and interest rate on the Account at
any time.

Compounding And Crediting Of Interest: Interest
will be compounded on a daily basis and credited to your Account on
the last day of the month. The balance on which interest is
computed for your Account is determined by the daily balance
method, which applies a daily periodic rate to the balance in the
Account. If you close your Account before interest is credited, you
will not receive the accrued interest.

Deposits and Accrual

Deposits may be made at any time to your MySavings Account by
electronic funds transfer from the External Account via an ACH
entry by visiting our Web site. We reserve the right to return any
deposit to you that causes the combined balance of all your
Accounts with us (including any joint Accounts) to exceed
$2,000,000. All deposits will be credited to the Account and begin
accruing interest on the business day of deposit. The initial ACH
deposit made to establish your Account will not be available to you
for five (5) business days. ACH deposits other than your initial
deposit will not be available to you for five (5) business days.
The initial deposit by check made to establish your account will
not be available to you for ten (10) business days. Check deposits
other than your initial deposit will not be available to you for
five (5) business days. Saturdays, Sundays and legal holidays are
not considered business days.

Withdrawing Funds and Limitations

You may make a withdrawal from your Account through
electronic funds transfer to the External Account by logging on to
our Web site. You may not withdraw funds by any other means.
Amounts withdrawn from an Account will be deducted from the Account
balance and cease accruing interest on the business day of the
withdrawal. Saturdays, Sundays, and Legal Holidays are not
considered business days. Under certain limited circumstances,
MySavingsDirect, in its sole discretion, may allow non-ACH outgoing
domestic wire transfers to the External Account. The term "domestic
wire transfer" means a transfer of funds from MySavingsDirect to the
External Bank within the United States by means of Federal Reserve
FEDWIRE or other means. As a security procedure, before carrying
out the wire instructions, the Bank may elicit certain identifying
information from the Depositor; that is, ask test questions, which
it will compare to its records. By agreeing to this disclosure, you
agree that these security measures are commercially reasonable.
Based upon your response to the test questions, the Bank may, at
its sole discretion, either make the transfer or decline to make
the transfer. In either event, the Bank shall not be liable to you
for any direct and/or indirect losses, including consequential,
punitive, or exemplary damages in any amount, provided it has acted
in good faith. In no event shall the Bank be responsible for any
loss, claim, liability, damage or other amount arising in any way
from any error, failure, or delay, the performance of any of the
Bank's obligations or those of the receiving institutions caused by
natural disaster, fire, war, strike, civil unrest, error in or
inoperability of communication equipment or lines, or any other
circumstance beyond the reasonable control of the Bank. You may ask
the Bank to amend or cancel any transfer or related instructions,
and the Bank will use its best efforts to comply with such request
if the request is made at a time and in a manner which gives the
Bank a reasonable opportunity to act on the request before it makes
the transfer or carries out the instruction as the Depositor
originally requested. If the transfer is canceled, the Bank will
refund the amount of the wire to the depositor, less any expenses
incurred by the cancellation, by making a deposit of the net amount
to his or her account. As an inducement to having the Bank
undertake the requested wire transfer, you, your heirs, executors,
legal representatives and assigns hereby agree to indemnify and
hold the Bank harmless against any and all claims that may arise
against the Bank by reason of the Bank having undertaken the
requested wire transfer. Such outgoing wire transfers are subject
to a $30.00 fee.

Statement

Your monthly statements, which include all of your
transactions, are displayed in an electronic format. Statements are
maintained for 24 months.

Electronic Funds Transfer Information

Types of Transfers: Pre-authorized transfers
arranged with MySavingsDirect, i.e., to and from your External Account
are the only type of electronic funds transfers that are available
to you in connection with your MySavings Account. Please note, it
may take between two (2) to four (4) business days, excluding
Saturdays, Sundays and legal holidays, to complete a transfer
between accounts.

By using any available payment or funds transfer service, you
warrant that you are an authorized party on the Account from which
the funds are being drawn to make such payment or transfer.

Federal regulations require that no more than six
(6) transfers per statement cycle may be made to (1) an account at
another bank or financial institution, including your External
Account, (2) to another MySavingsDirect account or (3) to a third
party by means of a preauthorized or automatic electronic
transfer. We reserve the right to close your Account for violation
of the above restriction.

Pre-Authorized Credits

The MySavingsDirect Routing and Transit number is 226070403. If
you have arranged to have direct deposits made to your Account at
least once every 60 days from the same person or company, you can
call us at
or view online to find out whether or not the deposit has been
made.

Editing and/or Stopping
Payment on an Scheduled Transfer

You may edit a scheduled transfer by logging into your
Account by 5:00 PM EST at least one business day prior to the
scheduled date of transfer and editing such transfer using the
"Transfer Function".

Similarly, you can stop an automatic withdrawal that you have
set up to be deducted from your Account by logging into your
Account by 5:00 PM EST at least one business day prior to the
scheduled date of transfer and editing such transfer using the
"Transfer Function".

In Case of Errors or Questions About Your
Electronic Transfers

Telephone us at 877-752-1919, or write to us at

Error Resolution,MySavingsDirect,13 Croton AvenueOssining, NY 10562

as soon as
you can if you think your statement is wrong or if you need more
information about a transfer listed on the statement. We must hear
from you no later than 60 days after we sent the FIRST statement on
which the problem or error appeared.

Tell us your name and Account number.

Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it
is an error or why you need more information.

Tell us the dollar amount of the suspected error. If you tell us verbally, we may
require you to send us your complaint or question in writing within
10 business days.

We will determine whether an error occurred
within 10 business days after we hear from you and will correct any
error promptly. If we need more time, however, we may take up to 45
days to investigate your complaint or question. If we decide to do
this, we will provisionally credit your Account within 10 business
days for the amount you think is in error, so that you will have
the use of the money during the time it takes us to complete our
investigation. If we ask you to put your complaint or question in
writing and we do not receive it within 10 business days, we may
not credit your Account. We will tell you the results within three
business days after completing our investigation. If we decide that
there was no error, we will send you a written explanation. You may
ask for copies of the documents that we used in our investigation.

Liability for Failure to Complete Transfers

If we do not complete a transfer to or from your Account on
time or in the correct amount according to our Agreement with you,
we will be liable for your losses or damages up to the amount of
the transfer. However, there are some exceptions. We will NOT be
liable: (i) if, through no fault of ours, you do not have enough
money in your Account to make the transfer; (ii) if circumstances
beyond our control (such as fire or flood) prevent the transfer,
despite reasonable precautions that we have taken; or (iii) for any
other reason stated elsewhere in this Agreement. If we are ever
obligated by law to pay interest on the amount of a transfer, you
will be paid interest on a daily basis equal to the current
interest rate that is otherwise applicable to the Account from
which the funds transfer should have occurred. In the event we are
ever liable to you for damages due to a transfer, your damages will
be limited to actual damages only. We will not be responsible for
incidental or consequential damages, court costs or attorneys'
fees.

"MyTerm" Certificate of Deposit
Account Agreement

Account Opening

Your Certificate of Deposit Account (CD Account) can be
opened by authorizing us to transfer funds from your existing
MySavings Account or your External Account currently linked to your
MySavings Account. You may also fund your CD Account by mailing in
a check from a personal checking account that is not linked to your
MySavings Account. By applying for this CD you authorize
MySavingsDirect to transfer the funds from your MySavings Account,
External Account or your personal checking account, as applicable,
to the MyTerm CD Account.

Interest and Interest Rate Related Information

The Annual Percentage Yield ("APY") in effect on the day you
apply for a CD Account is available on the MySavingsDirect website
(MySavingsDirect.com). The APY assumes interest will remain on deposit
until maturity of the CD Account. A withdrawal of interest prior to
maturity will reduce earnings. Please note, that due to market
conditions, the APY and interest rate may no longer be in effect by
the time the funding for your account is completed.

Minimum Balance Requirements

A $1,000 minimum balance is required to establish a CD
Account and to earn the APY disclosed.

Compounding and Crediting of Interest

Interest will be compounded on a daily basis and credited to
your CD Account on the last day of the month and at maturity. The
balance on which interest is computed for your CD Account is
determined by the daily balance method which applies a daily
periodic rate to the balance in the account.

Deposits and Interest Accrual

The opening deposit for the CD Account will be made by a
transfer from your MySavings Account or your linked external
funding account. The opening deposit will be credited and begin
accruing interest on the business day of deposit. Saturdays,
Sundays and legal holidays are not considered business days.

Additional deposits to the CD Account are not permitted
during the term of the CD Account. Additional deposits will only be
permitted on the maturity date at which time they become part of
the principal of the CD Account. Any withdrawals may only be
credited to your MySavings Account.

Principal or any part thereof may not be withdrawn from the
CD Account prior to maturity without the consent of the Bank. If
the Bank consents to a withdrawal of principal prior to the
maturity date we will impose an early withdrawal penalty. An early
withdrawal penalty will not be imposed if the early withdrawal is
made after someone in whose name the account is opened dies or is
declared mentally incompetent. The maximum penalty imposed will be:

For an account with a term of less than one year, the
penalty will be an amount equal to 90 days interest (whether
earned or not) and calculated at the contract rate on the
principal amount.

For an account with a term of one year or more, the
penalty will be an amount equal to 180 days interest (whether
earned or not) and calculated at the contract rate on the
principal amount.

Note that credited interest can be transferred, without
penalty, before maturity to your MySavings Account. For such
request please contact our Customer Service Department.

Automatic Renewal Policy

The CD Account will automatically renew at maturity. On the
initial maturity date, we will treat the amount then in the CD
Account (including interest credited to the account and not
withdrawn) as deposited in a CD Account with the same term at the
rate we are then offering for that term. On each subsequent
maturity date, we will do the same thing with the amount then in
the CD Account (including interest credited to the account and not
withdrawn). Any new maturity date will be for a term identical with
the previous term except as follows:

If we are not offering CD Accounts for that term, the new
maturity date will be determined using the nearest period of time
for which we are then offering CD Accounts, but in no event will
the term be more than 18 months longer than the term of the
original account. Should your CD Account mature on a Saturday,
Sunday or Legal Holiday, the maturity date will fall on the next
business day and interest will be earned on the account until
then;

During the period from one maturity date to the next,
interest earned on funds in the CD Account will be computed at the
rate then being offered by the Bank for that type of CD Account;

We will not treat the amount then in the CD Account
(including interest credited to the account) as a Renewed CD
Account if, on or before the Maturity Date:

the CD Account is closed;

the balance is less than the minimum we then require to
be deposited to open a CD Account for the same term;

we receive from someone entitled to funds in the account
notice that we are not to renew the CD Account; or

we give someone in whose name the CD Account is opened
at least 30 days notice that we will not renew the account.

Grace Period

There will be a 10 calendar day grace period, from the date
your CD Account is automatically renewed, in which you can close
your CD Account without being assessed a penalty. If you choose to
close your CD Account during this period, please contact our
Customer Service Department. Note that if you direct us to close
your account, no interest will be earned during this grace period.

Notice of Maturity Date

A written notice that your CD Account is maturing will be
sent to you no less than 14 days prior to maturity.

Statement Your monthly statements, which
include all of your transactions, are displayed in an electronic
format. Statements are maintained for 24 months.